Brokerage income
Querist : Anonymous
I am working as a part time broker and generated an income of around 7 lacs. Deductions of 10% under 194H of Income Tax act is made and paid to Income Tax Department. WIll the balance of 6.3 lacs attract a normal Taxation rule. Per 194H and 44AB, it looks to me that i will not have to pay any other tax. Please help me in understanding taxation rules in such a suitation. Thanking you in advance.
THE SUM DEDUCTED IS TDS NOT TAX PAYABLE BY U
U WILL HAVE TO FILE RETURN ALSO
CA MANOJ GUPTA
JODHPUR
09828510543
Querist : Anonymous
After performing the tax calculation, i am still required to pay more taxes. I wanted to know which challen no to choose (ITNS 280 or ITNS 281). If ITNS 280 then what is the nature of payment (is is Advance Tax, Self Assessment tax, tax on regular assessment) and if ITNS 281 then what is the nature of payment.
NATURE OF PAYMENT WILL B ADVANCE TAX IF U R PAYING TAX FOR FIN YERA 2011-12 BEFORE 31 MARCH 2012 ELSE SELF ASSESSMENT TAX
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